Shelby County Retirement System, Memphis, hired its first minority manager, ended its covered call investment program, boosted one fixed-income portfolio and brought $20 million in bonds in-house.
David Pontius, manager of pension investments for the $525 million pension fund, said minority manager The Chapman Co. was given $10 million for domestic equity. Funding came from reducing a domestic equity portfolio managed by Stephens Capital Management.
The system also decided to give $25 million to existing manager Highland Capital Management for fixed income, and to bring $20 million in-house for a new U.S. bond portfolio. Funding came from terminating a $45 million Loomis Sayles covered call portfolio.
The restructuring follows an asset allocation study conducted by Consulting Services Group.